{"id":21204,"date":"2019-07-23T08:38:00","date_gmt":"2019-07-23T07:38:00","guid":{"rendered":"https:\/\/benefex-dev.local\/en\/2019\/07\/23\/how-to-help-employees-understand-the-true-value-of-their-compensation\/"},"modified":"2019-07-23T08:38:00","modified_gmt":"2019-07-23T07:38:00","slug":"how-to-help-employees-understand-the-true-value-of-their-compensation","status":"publish","type":"post","link":"https:\/\/benifex.com\/en\/how-to-help-employees-understand-the-true-value-of-their-compensation\/","title":{"rendered":"How\u00a0to Help Employees Understand the True Value of Their Compensation"},"content":{"rendered":"<p><span style=\"font-family: arial, helvetica, sans-serif; font-size: 20px;\"><span style=\"color: #000000;\">Did you know that,<\/span> <a href=\"https:\/\/hbr.org\/2018\/11\/9-out-of-10-people-are-willing-to-earn-less-money-to-do-more-meaningful-work\" rel=\"noopener\" target=\"_blank\">according to a survey conducted by Harvard Business Review<\/a>, <span style=\"color: #000000;\">9 out of 10 employees said they would be willing to trade a percentage of their lifetime earnings to do more meaningful work?<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">For many people today, it\u2019s more important to do work that engages them, that has meaning, that provides a greater work-life balance, and that ultimately supports their lifestyle. <\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">When negotiating a job, or when asked about their current compensation, it\u2019s common for people to talk only about salary. Unfortunately, this means that they\u2019re missing out on a huge portion of their actual compensation, overlooking benefits, insurance, pension, and other add-ons.<\/span><\/p>\n<h2>Knowing Your True Worth<\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Benify surveyed over 20,000 employees and HR leaders across a number of industries for its <a href=\"https:\/\/info.benify.com\/employee-happiness-index-2018\" rel=\"noopener\" target=\"_blank\">Employee Happiness Index<\/a>, collecting insights across a number of areas including benefits, rewards, personal finances, and employee engagement. The results revealed a clear correlation between benefits satisfaction and workplace engagement. <\/span><\/p>\n<div style=\"font-size: 18px;\"><span style=\"font-family: arial, helvetica, sans-serif;\">The research also showed that employees at organizations with a benefits strategy \u2013 that is, companies who know their employees\u2019 want and needs&nbsp;and ensure that their&nbsp;benefits offering is aligned with the company\u2019s broader business goals &#8211; are:<\/span><\/div>\n<div>&nbsp;<\/div>\n<ul>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\">20% more satisfied with their benefits<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\">19% more convinced their benefits are better than other workplaces<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\">14% closer to their employer\u2019s brand<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The survey also revealed that a staggering 80% of employees underestimated their total compensation. Without the knowledge of their total compensation, this means that employees are missing out on a large portion of their compensation. <a href=\"https:\/\/www.forbes.com\/sites\/quora\/2016\/08\/17\/salary-is-important-but-here-are-5-other-things-you-shouldnt-ignore-as-a-job-seeker\" rel=\"noopener\" target=\"_blank\">As one Forbes article shares<\/a>, benefits can play a significant role in the larger financial picture and explains how, for example, Google\u2019s free breakfast, lunch, and dinner can add up to over $10k on top of an employee\u2019s salary.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/All%20Markets\/Blog%20images\/How-to-Help-Employees-Understand-the-True-Value-of-Their-Compensation.jpg\" alt=\"How-to-Help-Employees-Understand-the-True-Value-of-Their-Compensation\" width=\"1000\" style=\"width: 1000px; margin: 30px 0px 0px;\"><\/span><\/p>\n<h2>Show Me the Money<\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In today\u2019s competitive job market where companies are competing to attract and retain talent, companies must strive to provide an outstanding employee experience where employees feel appreciated and understood. So, how do employers do this? One of the ways is to make sure employees understand their full investment. This can be done providing employees with a clear visualization in the form of a <a href=\"https:\/\/www.benify.com\/solutions\/compensation-total-reward\/\" rel=\"noopener\" target=\"_blank\">Total Reward Statement<\/a>. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In Benify\u2019s award-winning global benefits and total rewards platform, employees are presented with an illustration showing the value of their employer\u2019s total investment. An employee\u2019s Total Reward Statement gives the individual a monetary breakdown of their salary, pension, insurances, and other benefits paid to them as part of their compensation, which is then presented as a graph providing a clear overview of the components adding up to their total compensation.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Any changes to an employee\u2019s compensation, such as enrollment into new benefits, are updated in real-time. Since employees can access their Total Reward Statement through their benefits platform anytime, anywhere, via the Benify app, they\u2019re always able to see their true value.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Making employees aware of their true value is just one of the tools which contribute to the employee experience. Want to learn more about the importance of employee experience? Download your free copy of Benify\u2019s new eBook \u201c<a href=\"https:\/\/info.benify.com\/employee-experience\" rel=\"noopener\" target=\"_blank\"><em>The New Employee Experience: How to maximise and optimise every step of the employee journey<\/em><\/a>\u201d now!<\/span><\/p>\n<p><a href=\"https:\/\/info.benify.com\/employee-experience\" rel=\" noopener\"><span style=\"font-family: arial, helvetica, sans-serif;\"><img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/English%20(COM+UK)\/Content%20offers%20(UK+COM)\/E-books%20(UK+COM)\/Employee%20Experience%20(UK+COM)\/Employee_Experience_Cover-2.png\" alt=\"Employee_Experience_Cover-2\" width=\"379\" style=\"width: 379px; display: block; margin-left: auto; margin-right: auto;\"><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that, according to a survey conducted by Harvard Business Review, 9 out of 10 employees said they would be willing to trade a percentage of their lifetime earnings to do more meaningful work? For many people today, it\u2019s more important to do work that engages them, that has meaning, that provides a [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":21205,"comment_status":"closed","ping_status":"open","sticky":false,"template":"tpl.news-post.php","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[728,782],"tags":[732,786],"class_list":["post-21204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-benefits","category-total-reward","tag-employee-benefits","tag-total-reward"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How\u00a0to Help Employees Understand the True Value of Their Compensation<\/title>\n<meta name=\"description\" content=\"When asked about compensation, most employees think only about their salary and 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